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circulation　of　paper　money。

　　　　　What　a　bank　can　with　propriety　advance　to　a　merchant　or

undertaker　of　any　kind；　is　not　either　the　whole　capital　with

which　he　trades；　or　even　any　considerable　part　of　that　capital；

but　that　part　of　it　only　which　he　would　otherwise　be　obliged　to

keep　by　him　unemployed；　and　in　ready　money　for　answering

occasional　demands。　If　the　paper　money　which　the　bank　advances

never　exceeds　this　value；　it　can　never　exceed　the　value　of　the

gold　and　silver　which　would　necessarily　circulate　in　the　country

if　there　was　no　paper　money；　it　can　never　exceed　the　quantity

which　the　circulation　of　the　country　can　easily　absorb　and

employ。

　　　　　When　a　bank　discounts　to　a　merchant　a　real　bill　of　exchange

drawn　by　a　real　creditor　upon　a　real　debtor；　and　which；　as　soon

as　it　becomes　due；　is　really　paid　by　that　debtor；　it　only

advances　to　him　a　part　of　the　value　which　he　would　otherwise　be

obliged　to　keep　by　him　unemployed　and　in　ready　money　for

answering　occasional　demands。　The　payment　of　the　bill；　when　it

becomes　due；　replaces　to　the　bank　the　value　of　what　it　had

advanced；　together　with　the　interest。　The　coffers　of　the　bank；　so

far　as　its　dealings　are　confined　to　such　customers；　resemble　a

water　pond；　from　which；　though　a　stream　is　continually　running

out；　yet　another　is　continually　running　in；　fully　equal　to　that

which　runs　out；　so　that；　without　any　further　care　or　attention；

the　pond　keeps　always　equally；　or　very　near　equally　full。　Little

or　no　expense　can　ever　be　necessary　for　replenishing　the　coffers

of　such　a　bank。

　　　　　A　merchant；　without　overtrading；　may　frequently　have

occasion　for　a　sum　of　ready　money；　even　when　he　has　no　bills　to

discount。　When　a　bank；　besides　discounting　his　bills；　advances

him　likewise　upon　such　occasions　such　sums　upon　his　cash　account；

and　accepts　of　a　piecemeal　repayment　as　the　money　comes　in　from

the　occasional　sale　of　his　goods；　upon　the　easy　terms　of　the

banking　companies　of　Scotland；　it　dispenses　him　entirely　from　the

necessity　of　keeping　any　part　of　his　stock　by　him　unemployed　and

in　ready　money　for　answering　occasional　demands。　When　such

demands　actually　come　upon　him；　he　can　answer　them　sufficiently

from　his　cash　account。　The　bank；　however；　in　dealing　with　such

customers；　ought　to　observe　with　great　attention；　whether　in　the

course　of　some　short　period　（of　four；　five；　six；　or　eight　months

for　example）　the　sum　of　the　repayments　which　it　commonly　receives

from　them　is；　or　is　not；　fully　equal　to　that　of　the　advances

which　it　commonly　makes　to　them。　If；　within　the　course　of　such

short　periods；　the　sum　of　the　repayments　from　certain　customers

is；　upon　most　occasions；　fully　equal　to　that　of　the　advances；　it

may　safely　continue　to　deal　with　such　customers。　Though　the

stream　which　is　in　this　case　continually　running　out　from　its

coffers　may　be　very　large；　that　which　is　continually　running　into

them　must　be　at　least　equally　large；　so　that　without　any　further

care　or　attention　those　coffers　are　likely　to　be　always　equally

or　very　near　equally　full；　and　scarce　ever　to　require　any

extraordinary　expense　to　replenish　them。　If；　on　the　contrary；　the

sum　of　the　repayments　from　certain　other　customers　falls　commonly

very　much　short　of　the　advances　which　it　makes　to　them；　it　cannot

with　any　safety　continue　to　deal　with　such　customers；　at　least　if

they　continue　to　deal　with　it　in　this　manner。　The　stream　which　is

in　this　case　continually　running　out　from　its　coffers　is

necessarily　much　larger　than　that　which　is　continually　running

in；　so　that；　unless　they　are　replenished　by　some　great　and

continual　effort　of　expense；　those　coffers　must　soon　be　exhausted

altogether。

　　　　　The　banking　companies　of　Scotland；　accordingly；　were　for　a

long　time　very　careful　to　require　frequent　and　regular　repayments

from　all　their　customers；　and　did　not　care　to　deal　with　any

person；　whatever　might　be　his　fortune　or　credit；　who　did　not

make；　what　they　called；　frequent　and　regular　operations　with

them。　By　this　attention；　besides　saving　almost　entirely　the

extraordinary　expense　of　replenishing　their　coffers；　they　gained

two　other　very　considerable　advantages。

　　　　　First；　by　this　attention　they　were　enabled　to　make　some

tolerable　judgment　concerning　the　thriving　or　declining

circumstances　of　their　debtors；　without　being　obliged　to　look　out

for　any　other　evidence　besides　what　their　own　books　afforded

them；　men　being　for　the　most　part　either　regular　or　irregular　in

their　repayments；　according　as　their　circumstances　are　either

thriving　or　declining。　A　private　man　who　lends　out　his　money　to

perhaps　half　a　dozen　or　a　dozen　of　debtors；　may；　either　by

himself　or　his　agents；　observe　and　inquire　both　constantly　and

carefully　into　the　conduct　and　situation　of　each　of　them。　But　a

banking　company；　which　lends　money　to　perhaps　five　hundred

different　people；　and　of　which　the　attention　is　continually

occupied　by　objects　of　a　very　different　kind；　can　have　no　regular

information　concerning　the　conduct　and　circumstances　of　the

greater　part　of　its　debtors　beyond　what　its　own　books　afford　it。

In　requiring　frequent　and　regular　repayments　from　all　their

customers；　the　banking　companies　of　Scotland　had　probably　this

advantage　in　view。

　　　　　Secondly；　by　this　attention　they　secured　themselves　from　the

possibility　of　issuing　more　paper　money　than　what　the　circulation

of　the　country　could　easily　absorb　and　employ。　When　they　observed

that　within　moderate　periods　of　time　the　repayments　of　a

particular　customer　were　upon　most　occasions　fully　equal　to　the

advances　which　they　had　made　to　him；　they　might　be　assured　that

the　paper　money　which　they　had　advanced　to　him　had　not　at　any

time　exceeded　the　quantity　of　gold　and　silver　which　he　would

otherwise　have　been　obliged　to　keep　by　him　for　answering

occasional　demands；　and　that；　consequently；　the　paper　money；

which　they　had　circulated　by　his　means；　had　not　at　any　time

exceeded　the　quantity　of　gold　and　silver　which　would　have

circulated　in　the　country　had　there　been　no　paper　money。　The

frequency；　regularity；　and　amount　of　his　repayments　would

sufficiently　demonstrate　that　the　amount　of　their　advances　had　at

no　time　exceeded　that　part　of　his　capital　which　he　would

otherwise　have　been　obliged　to　keep　by　him　unemployed　and　in

ready　money　for　answering　occasional　demands；　that　is；　for　the

purpose　of　keeping　the　rest　of　his　capital　in　constant

employment。　It　is　this　part　of　his　capital　only　which；　within

moderate　periods　of　time；　is　continually　returning　to　every

dealer　in　the　shape　of　money；　whether　paper　or　coin；　and

continually　going　from　him　in　the　same　shape。　If　the　advances　of

the　bank　had　commonly　exceeded　this　part　of　his　capital；　the

ordinary　amount　of　his　repayments　could　not；　within　moderate

periods　of　time；　have　equalled　the　ordinary　amount　of　its

advances。　The　stream　which；　by　means　of　his　dealings；　was

continually　running　into　the　coffers　of　the　bank；　could　not　have

been　equal　to　the　stream　which；　by　means　of　the　same　dealings；

was　continually　running　out。　The　advances　of　the　bank　paper；　by

exceeding　the　quantity　of　gold　and　silver　which；　had　there　been

no　such　advances；　he　would　have　been　obliged　to　keep　by　him　for

answering　occasional　demands；　might　soon　come　to　exceed　the　whole

quantity　of　gold　and　silver　which　（the　commerce　being　supposed

the　same）　would　have　circulated　in　the　country　had　there　been　no

paper　money；　and　consequently　to　exceed　the　quantity　which　the

circulation　of　the　country　could　easily　absorb　and　employ；　and

the　excess　of　this　paper　money　would　immediately　have　returned

upon　the　bank　in　order　to　be　exchanged　for　gold　and　silver。　This

second　advantage；　though　equally　real；　was　not　perhaps　so　well

understood　by　all　the　different　banking　companies　of　Scotland　as

the　first。

　　　　　When；　partly　by　the　conveniency　of　discounting　bills；　and

partly　by　that　of　cash　accounts；　the　creditable　traders　of　any

country　can　be　dispensed　from　the　necessity　of　keeping　any　part

of　their　stock　by　them　unemployed　and　in　ready　money　for

answering　occasional　demands；　they　can　reasonably　expect　no

farther　assistance　from　banks　and　bankers；　who；　when　they　have

gone　thus　far；　cannot；　consistently　with　their　own　interest　and

safety；　go　farther。　A　bank　cannot；　consistently　with　its　own

interest；　advance　to　a　trader　the　whole　or　even　the　greater　part

of　the　circulating　capital　with　which　he　trades；　because；　though

that　capital　is　continually　returning　to　him　in　the　shape　of

money；　and　going　from　him　in　the　same　shape；　yet　the　whole　of　the

returns　is　too　distant　from　the　whole　of　the　outgoings；　and　the

sum　of　his　repayments　could　not　equal　the　sum　of　its　advances

within　such　moderate　periods　of　time　as　suit　the　conveniency　of　a

bank。　Still　less；　could　a　bank　afford　to　advance　him　any

considerable　part　of　his　fixed　capital；　of　the　capital　which　the

undertaker　of　an　iron　forge；　for　example；　employs　in　erecting　his

forge　and　smelting…house；　his　workhouses　and　warehouses；　the

dwelling…houses　of　his　workmen；　etc。；　of　the　capital　which　the

under